Providing a gift to investors during the holiday season, electric vehicle stocks accelerated through the finish line of 2023 and ended notably higher than where they were at the end of November. From encouraging delivery figures to new partnerships, there was a variety of things that led investors to park Rivian (NASDAQ: RIVN), (NYSE: NIO), and Fisker (NYSE: FSR) in their portfolios.

According to data provided by S&P Global Market Intelligence, Rivian's shares skyrocketed 40%, while Nio and Fisker drove 25% and 11% higher, respectively.

Early in December, Rivian shares jumped on the news that the company was preparing to manufacture a more simplified battery pack than its current standard battery pack structure. This new battery pack structure will reduce costs and could lead to a lower price tag for the company's R1 vehicles -- a development that could make the company's products accessible to more customers. Also, Rivian's CFO, Claire McDonough, addressed the company's financials during Barclays' 2023 Global Automotive Mobility Tech Conference, stating that the company would achieve profitability on a gross margin basis during 2024. Further food for the buying frenzy came some days later when Rivian announced a new deal with AT that will see the telecom company power its fleet with Rivian's delivery vans and R1 vehicles beginning in early 2024.

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Source Fool.com